Van Dorm Realty, located in West Olympia, has been selling homes for over 30 years. Now in its second generation of family-ownership, Jeff and Diane Pust are providing practice advice to Thurston County residents.
In August, Jeff Pust, owner of Van Dorm Realty, answered the question “should I sell now?” His advice centered around sellers taking advantage of opportunities in the market.
The reverse holds true for buyers too. “I suggest that buyers look at prices in the autumn months. Price reductions happen in mass during the fall,” says Pust.
Pust explains that sellers have tested the market at higher prices during the summer. “Now, a homeowner is at the point where they need to move onto their next destination by the end of the calendar year. A seller is motivated to drop the price so they can proceed with their life,” comments Pust.
Pust also notes the unprecedented low interest rates.
“Over the past month or two, rates have dropped to all time lows. How much lower can they go,” adds Pust. “So, if you are holding out for a lower rate, I doubt that you are going to see anything much lower than what is currently offered.”
Loan fees, which have also started coming down, also contribute to a bright future for home buyers. “A low interest rate plus low fees mean that the cost of borrowing that money is low,” says Pust who notes that these are some of the lowest loan fees that he has seen in his career.
Pust projects that the housing market is starting to turn up.
“The housing inventory has started to shrink from a one year supply to about four or five months. What this means is that we are no longer in a depreciating market but more like neutral to appreciating and I expect to see an appreciating market by the end of the year,” explains Pust.
While it’s impossible to “time” the market, Pust encourages home buyers to analyze and choose the right moment to act for them.
1530 Black Lake Blvd SW, Suite F
Olympia, WA 98502